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EIB provides EUR 150m for largest onshore wind farm in the Netherlands

EIB provides EUR 150m for largest onshore wind farm in the Netherlands

  • Netherlands
  • A banking consortium including the European Investment Bank, German KfW IPEX-Bank and Rabobank has agreed to provide 350 million euros to NOP Agrowind for construction of 26 new wind turbines in the existing Windpark Noordoostpolder. Once complete the 86 wind turbine scheme will be the largest wind farm in the Netherlands with a total power output of 195 Megawatts.
  • European Investment Bank

“Unlocking the potential of wind energy both improves energy security and reduces greenhouse gas emissions. The European Investment Bank is pleased to support the NOP Agrowind project as part of our long-term investment in renewable energy in the Netherlands”, said Pim van Ballekom, European Investment Bank Vice President responsible for the Netherlands.

NOP Agrowind is an initiative of agricultural entrepreneurs along the Westermeerdijk and Noordermeerdijk in the North East Polder of the Netherlands. They will together invest in the construction of 26 Enercon E-126 wind turbines on their lands. The total investment amounts to around 420 million euros. The turbines have a tower height of 135 meters, a rotor diameter of 127 meters and an installed capacity of 7.5 Megawatt each. Development of the NOP Agrowind project started in 1994. The construction process of the new phase started in spring 2013 with infrastructure works for roads and hardstands. Piles have already been driven for the majority of the wind turbines and the first turbine is planned to start generating power as of September 2014. It is expected that the project will be completed in 2016.

The banks involved are committed to support the development and use of renewable energy. They pay particular attention to the living and working environments when deciding on investments in renewable energy generation. NOP Agrowind together with the banks involved provides a sustainable stimulation to the region and has an exemplary role for future wind farms in the Netherlands. According to the Energy Agreement, the Netherlands strive to achieve a wind energy supply of 10.5 GW in 2023; an extension of 3.5 GW on land is required to achieve that. The financing of 26 wind turbines of NOP Agrowind is another significant step forward towards achieving this objective. In an average wind year the turbines of NOP Agrowind will be able to power approximately 180,000 households. Eneco will purchase the power from NOP Agrowind.

KfW IPEX-Bank: “We are pleased to act together with Rabobank as Structuring Bank for the financing of this truly Dutch Flagship Onshore Wind Transaction. We highly appreciate that we have received Financial close together with the local agriculture entrepreneurs and Enercon acting as turbine supplier as well as shareholder in the project.”

Rabobank enjoys working together with clients towards a sustainable future. “Co-investing in the largest wind farm in the Netherlands suits this vision very well. The initiators of NOP Agrowind have made use of the knowledge and know-how of Rabobank from the outset. The bank has gained experience on a global scale in financing 40 renewable energy projects. Several large wind projects are preparation in the Netherlands currently; Rabobank expects to be able to have a role in three of these projects as a lender.”

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